There is hereby created a fund to be known as the equalization and transfer fund. For the purpose of facilitating the equalization or apportionment of the amounts of the balances on deposit with the several depositaries and the speedy transfer of money from one depositary to another in case of necessity, the mayor and comptroller are hereby authorized to draw warrants, from time to time, for such amounts as may in their judgment be necessary or advisable for the proper apportionment of the city deposits among its depositaries or for the protection of the city's interests. Such warrants shall be made payable to the city treasurer, and shall be chargeable to such equalization and transfer fund, which shall in turn be credited with the respective amounts thereof deposited with one or more of the other depositaries, as the case may be.
(Prior code § 7-16)